Superparamagnetic iron oxide nanoparticles with dual imaging and therapeutic capabilities hold great promise for the non-invasive detection and treatment of tumors.[1] When conjugated with tumor-specific targeting ligands, these multifunctional nanoparticles can be used to specifically deliver anti-cancer drugs to tumors, thereby minimizing severe side effects.[2] To meet the demand for the rapid development and potential clinical application of targeted anti-cancer nanotherapies, it is desirable to introduce optical (fluorescent) imaging capabilities to these nanoparticles to facilitate non-invasive assessment of drug homing and efficacy. This is often achieved by crosslinking the polymeric coating surrounding the nanoparticle and functionalizing its surface with amine or carboxyl groups that are then used to conjugate fluorescent dyes and drugs.[3] This approach to introduce multimodality (magnetic and fluorescent)[4] and multifunctionality (imaging and therapeutic)[5] to iron oxide nanoparticles (IONPs), although widely used, often compromises the solubility of the nanoparticles in aqueous media and reduces the number of available functional groups that otherwise could be used to attach ligands for targeting applications.